The Federal Board of Revenue (FBR) has warned taxpayers sternly, highlighting the consequences of failing to file income tax returns by the deadline of September 30, 2024. The FBR has announced potential penalties, including blocking mobile phone SIMs, disconnection of electricity and gas services, and restrictions on international travel for those who do not comply.
To ensure compliance, the FBR has communicated these measures through emails sent to individuals who have yet to file their returns. According to Section 114(1)(b)(vii) of the Income Tax Ordinance, 2001, individuals with taxable income are mandated to submit their tax returns for the tax year 2024 by the specified deadline.
The FBR has highlighted its access to comprehensive financial transaction records and stressed the importance of accurate tax return submissions. The board has made it clear that failure to file could lead to fines, legal action, and further investigations into the financial activities of defaulters. Such investigations may result in detailed audits and substantial penalties.
In light of these potential repercussions, the FBR strongly urges taxpayers to file their national tax returns for the year 2024 by September 30. The board’s proactive approach aims to enhance compliance and ensure the integrity of the tax system.
Additionally, the FBR is facing a projected shortfall of Rs. 275 billion in the first quarter of FY 2025, underscoring the importance of timely tax collection to meet fiscal targets.
